The Gledhill family has accepted an offer of an undisclosed sum for the Gledhill Group companies from Groupe Atlantic, which is also a family owned company based in France, with manufacturing plants all over Europe and Asia.

Gledhill has been a leading supplier of hot water storage vessels in the UK since the Second World War.

"The UK cylinder market is changing dramatically, but the need for storage is required more so than ever," said a Gledhill spokesperson.

"Having recently made acquisitions in the UK in the form of Hamworthy Boilers and Ideal Boilers, the company's commitment to becoming market leader in heating products for the UK provides a very exciting platform for our development."

Groupe Atlantic has more than 5,500 employees worldwide with a turnover in excess of €1.3 billion, having 19 factories across Europe and distributing products to over 100 countries.

The company said the security and on-going employment of its teams is essential for our future success. Jason Hobson will take over as managing director for the Gledhill Group (comprising Gledhill Building Products, Gledhill Response, Gledhill Spares and Gledhill International) supported by Tricia Holland as commercial director, reporting directly into Shaun Edwards, the UK Group Atlantic CEO.

All the present board members, including the Gledhill family, will continue in management roles and are looking forward to developing the business under the new ownership of Groupe Atlantic.

The chairman and co-founder of the company, Houghton Gledhill, said: "My brother and I are delighted that another family business has acquired ours so that together we can go from strength to strength."

Clearwater International, led by partner Paul Jones with support from associate Oliver Wheatley, advised the Gledhill shareholders.